On or about 3 May 2019, the Accounting Standard Council Singapore (ASC) invites comments on proposed changes to IFRS Foundation handbook. Comments are to be submitted by 28 June 2019.
The International Accounting Standards Board (IASB) has published and invited stakeholder to comment on the Exposure Draft (ED): Proposed amendments to the IFRS Foundation Due Process Handbook on 30 April 2019.
The ED proposes to amend the Handbook to reflect the developments in how the IASB assesses and reports the likely effects of a new or amended IFRS Standard as well as to incorporate the Effects Analysis Consultative Group (EACG)’s recommendations.
The ED also proposes to amend the Handbook to emphasise that the principle focus of the IASB’s analysis remains on assessing and reporting how general purpose financial statements are likely to change because of new financial reporting requirements. It also focuses on whether those changes will improve the quality of financial statements and whether those changes are justifiable taking the costs into consideration.
The ED further proposes that the Handbook should reflect that the IASB also analyses how greater transparency in financial reporting is likely to affect financial stability
Source: ASC, 6 May, 2019